Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][22]. Core Views - The company's performance in the first half of 2025 was under pressure due to power restrictions and weak wind conditions, but there is optimism regarding the long-term growth potential of offshore wind projects [6]. - The report highlights the importance of upcoming offshore wind project allocations and the potential for asset injections to enhance future performance [6]. - The company is expected to benefit from favorable policies promoting marine economic development and the growth of offshore wind energy [6]. Financial Summary - Total revenue is projected to grow from 1,741 million in 2024 to 2,190 million in 2027, with a compound annual growth rate (CAGR) of 15.4% [2]. - Net profit attributable to shareholders is expected to increase from 651 million in 2024 to 826 million in 2027, reflecting a CAGR of 11.4% [2]. - Earnings per share (EPS) is forecasted to rise from 0.34 in 2024 to 0.43 in 2027, with a price-to-earnings (P/E) ratio decreasing from 15 to 12 over the same period [2]. Operational Performance - In the first half of 2025, the company reported a net profit of 314 million, a decrease of 8.07% year-on-year, with total revenue of 794 million, down 2.95% [6]. - The total power generation in the first half of 2025 was 14.05 billion kWh, a decline of 0.89% year-on-year, with significant drops in certain project outputs [6]. - The company’s offshore wind farms showed higher utilization hours compared to the national average, indicating operational efficiency [6]. Market Position and Future Outlook - The company has a strong geographical advantage and is well-positioned to leverage good wind resources and support from its parent company [6]. - The report anticipates that if the company secures new offshore wind resources, it will significantly bolster its growth prospects [6]. - The offshore wind sector is identified as a key development area for the upcoming five-year plan, with substantial growth potential expected [6].

Performance Summary - In the first half of 2025, the company achieved a net profit attributable to shareholders of 314 million yuan, a year-on-year decrease of 8.07% [1] - In Q2 2025, the net profit attributable to shareholders was 63 million yuan, a year-on-year decline of 51.11% [1] - The company's revenue for the first half of 2025 was 794 million yuan, down 2.95% year-on-year; Q2 revenue was 280 million yuan, a decrease of 20.58% [1] - The gross margin for the first half of 2025 was 57.51%, a decrease of 1.15 percentage points year-on-year; Q2 gross margin was 37.98%, down 14.78 percentage points year-on-year [1] Operational Data - Total power generation in the first half of 2025 was 1.405 billion kWh, a year-on-year decrease of 0.89%; grid-connected power was 1.366 billion kWh, down 0.71% [2] - Power generation by type included: Fujian wind power (1.284 billion kWh, +2.60%), Heilongjiang wind power (0.088 billion kWh, -28.91%), Heilongjiang biomass (0.024 billion kWh, -14.99%), and Xinjiang Hami photovoltaic (0.010 billion kWh, -34.95%) [2] - The utilization hours for Fujian onshore wind farms were 1,356 hours, and for offshore wind farms, 2,037 hours, both above the national average of 1,087 hours [2] - As of June 30, 2025, the company had a controllable grid-connected installed capacity of 957,300 kW, with onshore wind, offshore wind, photovoltaic, and biomass capacities of 611,300 kW, 296,000 kW, 20,000 kW, and 30,000 kW respectively [2] Future Outlook - The company is focusing on the distribution of offshore wind projects and the realization of asset injections [3] - In 2025, there is potential for new offshore wind allocations in Fujian, which could significantly support the company's future growth [3] - The company plans to initiate asset injection procedures for the Haidian Phase III project within three months after the renewable energy subsidy audit results are confirmed [3] - The government has identified "deep-sea technology" as a key area for strategic emerging industries, indicating potential policy support for offshore wind development [3] - The offshore wind sector has significant growth potential, with only 41 GW of installed capacity as of 2024, representing just 1.2% of total capacity [3] Investment Recommendations - The company has strong regional advantages and good wind resource conditions, indicating broad future growth potential [4] - Profit forecasts for 2025-2027 have been adjusted to 700 million, 740 million, and 830 million yuan respectively, with corresponding EPS of 0.37, 0.39, and 0.43 yuan [4] - The company is assigned a target market value of 13.9 billion yuan based on a 20x PE ratio for 2025, with a target price of 7.3 yuan, representing a 39% upside from the current price [4]

Group 1: Company Announcements - Nengke Technology's AI products and services are still in the early stages of development [1] - Zhongmin Energy plans to invest 1.177 billion yuan in the construction of the Changle B District offshore wind farm project [1] - Kesi Technology won a bid for a project worth 61.7584 million yuan for hardware and software [1] - Anyang Iron and Steel is selling all shares of Yongtong Company and Yuhe Company to its controlling shareholder, Angang Group [1] - Haomuxing intends to repurchase shares worth between 18 million to 36 million yuan [1] Group 2: Performance Reports - Wuliangye reported a net profit of 19.49 billion yuan for the first half of the year, an increase of 2.28% year-on-year [2] - Transsion Holdings experienced a net profit of 1.213 billion yuan, a decrease of 57.48% year-on-year [2] - China National Offshore Oil Corporation (CNOOC) reported a net profit attributable to shareholders of 69.533 billion yuan, a decrease of 13% year-on-year [2] - China Life Insurance achieved a net profit of 40.931 billion yuan, an increase of 6.9% year-on-year, with total premiums of 525.088 billion yuan [2] Group 3: Shareholding Changes - Hehui Optoelectronics plans to reduce its holdings by no more than 2% [2] - Zheng Liansong, the actual controller of Zhengyu Industrial, intends to reduce his holdings by no more than 1% [2] - Wang Shuqin from Hengyin Technology plans to reduce her holdings by no more than 3% [2]

证券研究报告 中闽能源 (600163 CH) 业绩低于预期，海上风电新项目启动 2025 年 8 月 28 日│中国内地 发电 中闽能源发布半年报，1H25 实现营收 7.94 亿元（yoy-3%），归母净利 3.14 亿元（yoy-8%），扣非净利 3.02 亿元（yoy-7%）。其中 Q2 实现营收 2.80 亿元（yoy-21%，qoq-45%），归母净利 6,325 万元（yoy-51%，qoq-75%）， 归母净利低于我们的预测（1.05~1.16 亿元）、主要是电价下降导致毛利率 低于预期。长乐 B 区海上风电项目完成投决，我们预计有望于 26 年底前投 运、27 年贡献利润增量。维持"买入"评级。 并网装机同比持平，来风资源影响净利表现 截至 2025 年 6 月末公司并网装机合计 95.73 万千瓦，较年初无变化。1H25 福建海上风电净利 yoy-3.5%至 2.22 亿元、福建陆上风电净利 yoy+20%至 1.55 亿元。来风大小是影响公司业绩的核心变量，1H25 公司的福建陆上/ 海上风电利用小时分别为 1,356/2,037 小时（yoy+6.6%/-1.6%），均好于国 内风电均 ...

Investment Rating - The investment rating for the company is "Add" (maintained) [3] Core Views - The company's performance in the first half of 2025 was impacted by unfavorable wind conditions and power restrictions, leading to a decline in electricity generation and an increase in income tax expenses [6][8] - The company reported a revenue of 794 million yuan, a year-on-year decrease of 2.95%, and a net profit attributable to shareholders of 314 million yuan, down 8.07% year-on-year [6][8] - The second quarter saw a significant drop in revenue to 280 million yuan, a year-on-year decline of 20.58%, and a net profit of 63 million yuan, down 51.11% year-on-year [6][8] - Despite a slight increase in wind power generation in the Fujian region, the overall electricity generation and grid-connected electricity fell by 0.89% and 0.71% respectively due to adverse weather and power restrictions [6][8] - The company anticipates a recovery in electricity generation in the third quarter due to frequent typhoons in Fujian [6][8] Financial Data and Valuation - The company’s total revenue is projected to grow from 1,732 million yuan in 2023 to 2,612 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22% [2][9] - The net profit attributable to shareholders is expected to remain stable at 650 million yuan in 2025, with growth projected at 12.5% and 11.8% for 2026 and 2027 respectively [2][9] - The company's price-to-earnings (PE) ratio is projected to be 15.8x in 2025, decreasing to 12.6x by 2027 [2][9] - The company’s return on equity (ROE) is expected to be 9.0% in the trailing twelve months (TTM) [3] Performance Metrics - The gross margin for the first half of 2025 was 57.51%, a decrease of 1.15 percentage points year-on-year, while the net margin was 41.71%, down 2.71 percentage points year-on-year [6][8] - The company’s major shareholder, Fujian Investment Development Group, holds a 64.14% stake [3]

Core Insights - The company reported a total operating revenue of 794 million yuan, ranking 46th among disclosed peers, which is a decrease of 24.10 million yuan or 2.95% year-on-year [1] - The net profit attributable to shareholders was 314 million yuan, ranking 26th among disclosed peers, reflecting a decline of 27.62 million yuan or 8.07% year-on-year [1] - The net cash inflow from operating activities was 240 million yuan, ranking 38th among disclosed peers, down by 38.73 million yuan or 13.88% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 39.46%, ranking 17th among disclosed peers, which is an increase of 0.27 percentage points from the previous quarter but a decrease of 2.19 percentage points year-on-year [3] - The latest gross profit margin is 57.51%, ranking 1st among disclosed peers, down by 10.65 percentage points from the previous quarter and 1.15 percentage points year-on-year [3] - The latest return on equity (ROE) is 4.54%, ranking 26th among disclosed peers, which is a decrease of 0.65 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.17 yuan, ranking 34th among disclosed peers, which is a decrease of 0.01 yuan or 5.56% year-on-year [3] - The latest total asset turnover ratio is 0.07 times, ranking 53rd among disclosed peers, remaining flat compared to the previous year but down by 4.24% year-on-year [3] - The latest inventory turnover ratio is 7.51 times, ranking 38th among disclosed peers, which is a decrease of 1.69 times or 18.34% year-on-year [3] Shareholder Structure - The number of shareholders is 41,000, with the top ten shareholders holding 1.356 billion shares, accounting for 71.24% of the total share capital [3] - The largest shareholder is Fujian Investment Development Group Co., Ltd., holding 64.14% of the shares [3] - Other notable shareholders include China Merchants Bank Co., Ltd. and State Power Investment Corporation, holding 1.73% and 1.15% respectively [3]

Group 1 - The company is investing in the Changle B District (Adjustment) offshore wind farm project with a total investment of 1.177 billion RMB [4][9] - The project is expected to have a total installed capacity of 114 MW and an estimated annual power generation of approximately 456.542 GWh [8][9] - The internal rate of return on capital for the project is estimated to be 5.03%, indicating good financial viability [9] Group 2 - The company has established a wholly-owned subsidiary, Fujian Fuzhou Mintou Offshore Wind Power Co., Ltd., to undertake the project [5][7] - The project aligns with the company's strategic positioning and is expected to enhance its competitiveness in the offshore wind power sector [10][59] - The project has received approval from the Fujian Provincial Development and Reform Commission [5] Group 3 - The company will hold its first temporary shareholders' meeting on September 19, 2025, to discuss the investment project and other matters [14][63] - The meeting will utilize a combination of on-site and online voting methods [15][16] - The company has made amendments to its articles of association, eliminating the supervisory board and transferring its responsibilities to the audit committee [39][66]

Core Viewpoint - The announcement from Zhongmin Energy indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Financial Performance - The company reported a revenue of 794,105,721.39 yuan for the first half of 2025, representing a year-on-year decrease of 2.95% [1] - The net profit attributable to shareholders of the listed company was 314,458,477.34 yuan, which reflects a year-on-year decline of 8.07% [1]

Group 1 - The core point of the article is that Zhongmin Energy announced the approval of its 2025 semi-annual report and summary during the 21st temporary meeting of its ninth board of directors [2]

Company Overview - Zhongmin Energy Co., Ltd. was established with the approval of the Fujian Provincial People's Government and was listed on the Shanghai Stock Exchange on June 2, 1998, with a registered capital of RMB 1,902.996143 million [2] - The company focuses on clean energy development, including wind power generation, energy investment, and electricity production, aiming to become a "first-class clean energy enterprise" [2] Share Issuance Regulations - The company follows principles of openness, fairness, and justice in share issuance, with shares stored in the China Securities Depository and Clearing Corporation Limited [3] - Share capital can be increased through shareholder resolutions, including issuing shares to unspecified or specific objects, distributing bonus shares, and capitalizing reserves [3] - The company generally does not repurchase its own shares, except under specific circumstances such as capital reduction or mergers [3] Shareholder Rights and Responsibilities - Shareholders have rights to dividend distribution, participation in shareholder meetings, and supervision of company operations, while also adhering to laws and the company's articles of association [4] - The shareholder meeting is the company's authority body, responsible for electing directors, approving financial budgets, and deciding on mergers and divisions [4] Corporate Governance Structure - The company has established a Party Committee and Discipline Inspection Commission, with the Party Committee discussing and deciding on major company matters [5] - The board of directors consists of nine members and is responsible for convening shareholder meetings and executing resolutions [5] - Independent directors, comprising at least one-third of the board, are required to maintain independence and fulfill their duties diligently [5] Financial Accounting and Profit Distribution - The company adheres to established financial accounting systems and timely reporting of annual and interim reports [6] - Profit distribution prioritizes cash dividends, with annual implementation and potential mid-term cash dividends if conditions allow [6] Mergers, Divisions, and Liquidation - Mergers can be conducted through absorption or new establishment, with necessary procedures including notifying creditors and public announcements [7] - In cases of dissolution, a liquidation team composed of directors is responsible for clearing company assets and notifying creditors [7]